Charting is a cool thing, but are we not factoring in the fact that Basker production has been restored? We also have the "green" grants for Petratherm and Cool Energy offered from the Coalition - I can't see Rudd scrubbing his nose at the potential here.
Yes any move down should be revealing
overall I am bullish and probably looking on a slightly larger time frame
So if it does not move up from here .. it could make a deeper correction of the whole move up from the shakeout....
BPT has been opening up and closing lower
Today might give some useful indications
motorway
It does look nice on the charts, but volume today was low.Look at the bar yeterday, a gap higher, probed up and closed on the lows with much higher volume.
I was half getting interested, but i think the jury is out for the moment.Certainly plenty of sellers around.
On that slightly larger time frame ( really degree of magnitude )
BPT has worked itself into a primary buy point (imo)
That is not to say it will not head slightly lower
But to take advantage of a favorable position
For My purposes that means
buying when the stock is moving in the wrong direction
Today I see as a sign of strength
It was a spring with slightly more penetration of support than would be desirable.........But little volume came out on the way down and much more that chased the price back up...
We are at a major 50% level ( as distinct form the minor halfway points on nomore4 's chart that were overrun. P&F is good at identifying corresponding degrees of magnitudes of rally and reaction.. The stock would have had to move "NOW" ie show a readiness to move that did not manifest... The last stepping stone on the P&F was negated , in order for those halfway points to become major.... ie BPT was at resistance and not support)
I still anticipate ( with a stronger degree of conviction ) that the level of the shakeout ( I designated as terminal ) will not be tested..
But each to their own
and When We are wrong that is what stop losses are for...
DYOR
motorway
I was half getting interested, but i think the jury is out for the moment.Certainly plenty of sellers around.
Hi, I am still a little confused about relying on charting data - since the upward move today was due to good news. I am wondering how a change in circumstances can be factored in historical charting?
It is the current action in the context of the large trading range BPT as be in
Charting can mean different things to different people..
The large trading range in BPT... does not happen by accident.
motorway
It does look nice on the charts, but volume today was low.Look at the bar yeterday, a gap higher, probed up and closed on the lows with much higher volume.
I was half getting interested, but i think the jury is out for the moment.Certainly plenty of sellers around.
I have had my eye on this one for a while... I watched it go from about $1.40 to $1.57 or there abouts then all the way back to where it is now.A new oil discovery and the stock did nothing!?!
I have a new name for beach...B!atch Petroleum, this stock better run tomorrow when we are up 50 points
I have had my eye on this one for a while... I watched it go from about $1.40 to $1.57 or there abouts then all the way back to where it is now.
I have to agree with you Profithunter, you would think that news like this would send it sky wards but no.
Surely there is a reason for this? its not like the market didn't have time to react, it was released just after 1pm this arvo.
Cheers
It should run tomorrow hopefully ,so a tip Mint get rid of those WOOF...WOOF ... STOCKS VPE BDG OSH.........and get on to this:remybussi 299 posts
Beach strikes new oil in Cooper
Article from Adelaide Advertiser
CAMERON ENGLAND
November 27, 2007 02:30pm
BEACH Petroleum has discovered a new oil field in the Cooper Basin, likely to contain one million barrels of recoverable oil.
The Parsons Field, close to Beach's Callawonga, Christies and Sellicks fields, is on the western edge of the Cooper Basin in an area known as the West Patchawarra Flank.
Beach managing director Reg Nelson said the area had been virtually ignored by earlier explorers.
``This latest discovery, close to the Christies, Sellicks and Callawonga oil fields confirms our belief in the potential of this under-explored region of the Cooper-Eromanga Basins,'' Mr Nelson said.
``The region now deserves recognition as a significant oil sub-province of the basins.''
Mr Nelson said the reservoir quality of the new find was excellent, and the field could flow better than the Callawonga Field, which had been producing at better than 5000 barrels of oil per day.
``The size of the Callawonga Field and the deliverability of its wells, has been sufficient to encourage us to build a new pipeline to deliver oil to the Moomba processing facility and thence to Port Bonython,'' Mr Nelson said.
``Callawonga alone is expected to deliver around 5000 barrels of oil a day to markets on completion in the next month or so.
``Its role as a trunk line from the West Patchawarra Flank directly to markets is now assured and the costs of transport will now be reduced significantly.''
The Callawonga pipeline is currently being constructed and should be finished early next year.
Beach has a 75 per cent share in the discovery while Cooper Energy owns the remaining quarter share.
I didn't understand the lack of interest today either. My only guess is ... if you look at most of the announcements of finds, they generally are capped as a "future" oil producer.
I suppose it's all well and good drilling a hole in the dirt and finding some oil shows, but you still have to pump it out, barrell it, and get it somewhere to sell it. It's not much good for shareholders to have it stuck in the ground with a red tag lacky banded to a stump of a capped piece of steel pipe poking out of the dust.
Roland... the lack of interest continues to confound. I put it down to an ongoing sell-down by a large holder. A check of the register may reveal more..............
1 Citicorp Nominees Pty Limited 77,624,986 8.75
2 HSBC Custody Nominees
(Australia) Limited 53,107,603 5.99
3 ANZ Nominees Limited 52,388,260 5.90
4 Pan Austrlian Nominees Pty Ltd 50,124,275 5.65
5 RBC Global Services Australia
Nominees Pty Ltd 40,204,797 4.53
6 J P Morgan Nominees Australia Limited 34,275,200 3.86
7 Cogent Nominees Pty Limited 21,528,339 2.43
8 Matthews Capital Partners Pty Ltd 16,479,208 1.86
9 Tasman Asset Management Ltd 13,443,891 1.52
10 Invia Custodian Pty Limited 13,018,533 1.47
11 National Nominees Limited 11,136,106 1.26
12 Dr Ian Sidney Bennett 6,881,873 0.78
13 Equity Trustees Ltd 5,289,959 0.60
14 Zero Nominees Pty Ltd 5,160,858 0.58
15 Thorney Investments Pty Ltd 5,088,948 0.57
16 Irrewarra Investments Pty Ltd
Strategic 1 A/C 4,185,671 0.47
17 Mr Stephen John and
Mrs Beth Sharon Lewis 4,000,000 0.45
18 Mr Thai King Tiong 3,362,426 0.38
19 Promina Equities Limited 2,882,268 0.32
20 Australian Executor Trustees Limited
No 1 Account 2,808,446 0.32
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